Leading Transformation With A Startup Mindset

With David Mocklow from MSIG North America

David Mocklow from MSIG North America shares his expertise and insights on leading transformation with a startup mindset. Learn tips and tricks on how to approach new efforts, overcome challenges and transform by embracing the startup mentality.

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Getting Efficiency Through Data

Welcome to another episode of the InsurTechGeek Podcast! Prepare to embark on an exciting journey deep into the heart of InsurTech.

In this exciting episode of the InsurTechGeek Podcast, our hosts James Benham and Rob Galbraith interview David Mocklow from MSIG North America

Join us to learn how to lead innovation with a startup mindset.

David Mocklow started his career in Bermuda, at a time where there were only 200 people in insurance in the Island.

He gives his origin a prominent place because it made him fight for innovation and learn how to lead its implementation. Of course, in a very different context where innovation wasn’t equal to technology.

After moving back to The States, he started working on a project on transferring wind risk to capital markets. After that he started a journey towards the path of Insurance Finantial Markets, bond markets, investor markets and ILS. He held the first ILS conferences in Boca Raton.

As his career moved along he got involved with a bunch of new IPOs he did capital raising, and got involved in startups as an advisor and a capital raiser.

His new paths led him to think about how the industry handles claims. He discovered that a big part of the players in the industry just “oursource” claims. This is where he determined that paying attention to claim handling is vital as well as the use of technology in claims.

He comments “there’s a lot of low hanging fruit in doing basic things well” with this he’s referring to basic technology, in the industry. It takes the form of how you write premiums and how you manage claims.

He goes on to talk about the role of underwriters, brokers, and he states that brokers bringing business to underwriters is not an efficient model. So the core foundation to his company he says, is data because it is what will give them the edge.

To get the best quality of data he took care of tracking the amount of submissions brokers would get and then triaging those submissions to what underwriters want those submissions to look like. So they’re are trying to generate an order where the submissions at the top are the most likely to want to underwrite.

David focuses on data but also on claims handling and his beliefs on how much the correct management of claims can make all the difference in a business given that the outcome of a claim is the most profitable and risky part of the business.

All in all, David’s visit reflects the years of experience in the insurance industry and raises wonderful questions on how to keep making insurance better for users, improving products and processes and at the same time making it more profitable.

Tune in to listen to the episode in Spotify, Apple Podcast, iHeart Radio or watch it on Youtube.

Enjoy the ride & Geek Out!